Abstract: The Fe-12Cr-2.5W-0.4Ti-0.3Y2O3 alloy was prepared by powder metallurgy method, and the effects of pressing pressure and sintering temperature on microstructure and properties of the sintered body were studied. The results show that chromium and tungsten atoms had not completely entered into α-Fe in solid solution mode during milling, but complete solid solution could be carried out during sintering. The pressed compact density and bending strength raised with the increase of the pressing pressure and gradually tended to stability after the pressure was up to 700 MPa. The increase of pressing pressure and sintering temperature was advantageous to the raising of the sintered body strength. The sintered body tensile strength was 416.7 MPa when pressing pressure was 700 MPa and sintering temperature was 1 400 ℃, and the fracture mode was ductile fracture.